Migration boom of 1% of population pushes house prices up 10%, RBNZ research shows

The Reserve Bank released research on 16 June 2026 measuring how migration affects housing. When population inflow reaches 1 percent, real house prices typically rise about 10 percent. Using March 2024's median price of $934,806, that means roughly $93,500 added to the typical home — a significant figure for first-home buyers and those managing mortgage debt.